*ST Medium Velvet (000982): Progress In Implementation Of The Reorganization Plan

Bulletin of Limited by Share Ltd of Ningxia Bank of China on progress of implementation of reorganization plan

In July 9, 2019, the intermediate people's Court of Yinchuan, the Ningxia Hui Autonomous Region (hereinafter referred to as "Yinchuan intermediate people's court") decided to accept the reorganization of the company. In November 13, 2019, the Yinchuan intermediate people's court decided to ratified the reorganization plan of Ningxia's cashmere industry Limited by Share Ltd (hereinafter referred to as the "reorganization plan") and terminate the company's reorganization process. The reorganization plan has entered the stage of implementation. In December 3, 2019, the company manager (hereinafter referred to as the "Administrator") identified the consortium composed of Heng Tian Jin Shi Cci Capital Ltd (hereinafter referred to as "Heng Tian Jin Shi") and Beijing China commercial Huatong Technology and Trade Co., Ltd., Hunan Shenghua Jintong health management enterprise (general partnership), Ningxia Yue Shang Technology Development Co., Ltd., Liu Tianyi, Chen Kaijun, Sun Na and Zhang Yu (hereinafter referred to as the "Consortium") as the transferee of the stock and disposal assets. Heng Tian Jinshi signed a transaction confirmation on behalf of the consortium and the manager. The total transaction price of the converted and disposed assets was RMB 2 billion 50 million yuan, of which the disposal price of the assets to be disposed was RMB 1 billion yuan, and the transaction price of the converted stock was RMB 1 billion 50 million yuan. The consortium is committed to the manager that, after signing the confirmation of the transaction, it will pay the 700 million yuan of the remaining balance of the bid in the account of the administrator no later than December 15, 2019 (excluding the $500 million that has been paid when the transaction is confirmed as at the time of signing the transaction confirmation), and will eventually pay all the bid balance to the management account no later than 5 April 2020. (see the announcement of the Limited by Share Ltd in December 4, 2019 on the Shenzhen stock exchange website, "the announcement of the Limited by Share Ltd, the Bank of China cashmere industry, on the results of the auction of some capital reserves by the managers to increase the stocks and assets transactions".

2019-129.)

1. Adjustment of members of the Consortium

In December 15, 2019, the company and the administrator received the letter of notification from the authorized representative of the consortium, Heng Tian Jin Shi. The contents of the letter of notification are: Recently, the former member of the consortium, Liu Tianyi, Hunan Shenghua Jintong health management enterprise (general partnership), expressed to Heng Tian Jinshi that, for its own consideration, it intends to withdraw from the consortium, Ningxia Kai Wo Xin enterprise management consulting partnership (limited partnership), Zou Houjun intends to join the consortium, and the Ningxia Kai Wo Xin enterprise management consulting partnership (limited partnership) generalizes Liu Tianyi's rights and obligations in the consortium, and Zou Houjun generalizes the rights and obligations of Hunan Shenghua Jintong health management enterprise (general partnership) in the consortium. According to the above letter of notification, the company and the administrator have confirmed with the consortium that the members of the consortium have already made adjustments, and the details of the adjusted members of the consortium and their transferable shares are as follows:

Two. Payment of bids by Consortium

The consortium has strictly fulfilled its commitment to pay 700 million yuan to the manager's account again in late December 15, 2019. As confirmed by the company to the manager, as of December 15, 2019, the manager's bank account had received a total of 700 million yuan in the amount of the bid paid by the adjusted consortium. With the pre payment margin of 500 million yuan paid in the early days of the consortium, the cash balance of the manager's bank account was 1 billion 200 million yuan as of December 15, 2019. After receiving the above money, the manager will supervise the company.

We must strictly implement the reorganization plan and pay debts and pay the relevant fees according to the provisions of the reorganization plan. The remaining balance should be paid by the consortium. According to the confirmation of the transaction signed between the consortium and the manager, the consortium should eventually pay the remaining balance of 850 million yuan to the manager's account not later than April 5, 2020.

Notice hereby.

The board of Limited by Share Ltd of Ningxia BOC cashmere industry

December 18th two 19